The burst of risk aversion that hit financial markets on Wednesday saw the Kiwi slide back to 1-week lows, falling below the 200-MA. Does this move have further downswing to go? After the small from the lows near 0.8355 there's a chance that the 200-SMA (in gray) will be used as a resistance level. If so, we could be looking at a move back to the lows and beyond (the 0.83 handle). If however this was a one-day move, we should monitor a break of 0.8435 as a key signal that the bulls have retaken control. - Nick